Leases (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of Assets and Liabilities in Connection With Acquisitions of Leasehold Interests

The Company recorded the following assets and liabilities in connection with acquisitions of leasehold interests:

	Year Ended December 31, 2020		Year Ended December 31, 2019

Amounts recorded upon acquisition of leasehold interests:
Right of use asset - operating lease	$	—	$	50,147
Right of use asset - finance lease		—		19,422
Leasehold improvements		—		13,354
Lease intangibles (Note 6)		—		1,760
Lease liability - operating lease		—		(45,293	)
Acquisition-related intangible liabilities (Note 6)		—		(359	)
Cash paid upon acquisition of leasehold interests	$	—	$	39,031

Schedule of Lease Cost

	Year Ended December 31,
	2020			2019
Lease Cost
Finance lease cost:
Amortization of right-of-use assets	$	1,595		$	1,603
Interest on lease liabilities		1,635			2,755
Subtotal		3,230			4,358
Operating lease cost		7,661			3,037
Variable lease cost		143			119
Total lease cost	$	11,034		$	7,514

Other Information
Weighted-average remaining lease term - finance leases (years)		33.4			42.5
Weighted-average remaining lease term - operating leases (years)		26.4			34.1
Weighted-average discount rate - finance leases		6.2	%		4.5	%
Weighted-average discount rate - operating leases		5.6	%		5.8	%

Schedule of Future Minimum Rental Revenues and Payments for Operating and Capital Leases

The scheduled future minimum (i) rental revenues from rental properties under the terms of non-cancelable tenant leases greater than one year (assuming no new or renegotiated leases or option extensions for such premises) and (ii) rental payments under the terms of all non-cancelable operating and finance leases in which the Company is the lessee, principally for office space, land and equipment, as of December 31, 2020, are summarized as follows (in thousands):

			Minimum Rental Payments
Year Ending December 31,	Minimum Rental Revenues ^(a)		Operating Leases ^(b)		Finance Leases^(b)
2021	$	206,451	$	8,531	$	134
2022		196,633		7,779		95
2023		174,947		7,801		69
2024		149,532		7,983		47
2025		119,738		8,020		—
Thereafter		525,288		150,435		12,289
Total	$	1,372,589	$	190,549	$	12,634

(a)

Amount represents contractual lease maturities at December 31, 2020 including any extension options that management determined were reasonably certain of exercise. During the end of March 2020, numerous tenants were forced to suspend operations by government mandate as a result of the COVID-19 Pandemic. The Company has negotiated payment agreements with selected tenants which resulted in rent concessions or deferral of rents as discussed further in Note 1.

(b)

Minimum rental payments include $101.8 million of interest related to operating leases and $6.4 million related to finance leases and exclude options or renewals not reasonably certain of exercise.